How To Conduct A Gap Analysis For Your LMS Marketing Strategy
Gap analysis refers to a comparison between the actual and potential performance of a company. The difference between the actual and the potential performance is referred to as the “gap”. For a company to achieve its best, this gap should be filled. Changing business environments and evolving business trends are the biggest contributors to LMS marketing gaps. Identifying these pain points in your performance can help you adjust your approach and allocate resources more effectively. Let’s share 4 tips to conduct a gap analysis for your LMS marketing strategy.
1. Gaze Into Your Goal-Centered Future
How do you want your LMS to be performing in the future? Do you want an increase in sales or do you want to be up to speed with industry trends? Your desired level, for instance, can be to achieve 50,000 customers. Your mission statement clarifies what you want to achieve now. But you must also consider the role your organization will play in the industry 5 or 10 years from now. For example, you want to bridge a specific gap in the LMS market or become the go-to LMS vendor for extended enterprise training. This also requires a careful analysis of the competition and industry trends.
2. Assess Your Current State
How is your LMS performing? Does your LMS have all the elements that other platforms possess? The LMS market has been growing fast and the demand has increased considerably. To satisfy all customer needs and improve functionality, several upgrades have been made. For example, many modern Learning Management Systems provide video support, xAPI compliance, and mobile-friendly interfaces. Find out if your LMS has kept up with current industry trends. Take notes of the trends that your LMS is lagging behind. You must also take a closer look at your fiscal health and customer base. Find out how many contacts you have and how many referrals they’ve brought in. Also, determine how often your customers repeat purchase.
3. Gauge Customer Satisfaction
Conduct research to find out if customers are satisfied with your content. To do so, you must consider how much content you produce and how often you produce it, as well as what kind of content you provide and which platforms appeal to your audience. Marketing messages often have huge gaps. These gaps could be brought about by lack of a cohesive LMS marketing strategy or by overlooking the buyer’s needs and expectations. Identifying the missing elements in your messages helps you fill those gaps. Here are a few ways you can gather feedback so that you’re able to custom-tailor your marketing messages:
a. Conduct Surveys And Polls On Social Media
One of the best ways to gauge customer satisfaction is to simply ask. Conduct social media polls or surveys to disclose their honest opinions and what they think about your product and LMS marketing strategy. Include specific questions that focus on questionable aspects of your current approach. For example, you think there may be an issue with the quality of your content or how consistently you post.
b. Analyze Purchase Histories
Low sales stats indicate that there’s something seriously wrong with your LMS marketing strategy. Especially if your competitors are seeing a surge in their figures. However, you can analyze purchasing behaviors to identify gaps and create actionable goals. For example, you are not faring as well as expected in the SMB LMS market. You do some digging and realize that your content is not geared toward small businesses. Maybe it lacks the necessary keywords or features topics that are not relevant to this niche group.
c. Host Live Marketing Events
Marketing events such as live eLearning webinars are often perceived as sales pitches in disguise. However, you can turn that around by gathering feedback from your audience and getting them involved in the discussion. Invite a select group of current customers, or even leads, and ask for their input. Let them know that you want to provide them with guides, articles, and eBooks that target detailed buyer personas can help them address their pain points. But you need them to steer you in the right direction. What do they like about your current marketing approach and what annoys or puts them off?
4. Sum Up Your Findings
Calculate the difference between your current and desired performance. However, measuring the gap is not simply simple arithmetic. For example, your desired performance is to have 50,000 customers, but your current performance is 35,000 customers. You must also take a closer look at areas where your LMS marketing strategy is lacking and figure out why. For instance, you currently publish weekly blog posts and daily social media tips/links. But you notice that your lead engagement is still low, and your conversion rates leave much to be desired. Thus, you may need to evaluate the consistency of your posts, as well as the subject matter.
How To Create A Plan Of Action To Bridge The Gap
Once you have determined your current situation and where you want to be, draft a comprehensive plan on the steps you will take to fill the gap. In this plan include specific strategies to measure your progress. Implement the steps you have drafted to close the gap and then evaluate your progress every now and then. Keep a keen eye for new trends that may affect the effectiveness of your LMS marketing strategy. Regularly look for ways to make the achievement of your goals possible. Whenever necessary, adjust your goals to accommodate new gaps that arise.
Gap analysis shows you how your business is performing based on the current business environment. It helps you identify where you want to be in the future and set achievable goals. Proper gap analysis points out strategies for the utilization of resources to get the best results. To analyze the gap and build an effective LMS marketing strategy, you need to identify unknown gaps, narrow down on key variables (for example, market segmentation) and implement strategies to address your shortcomings.
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